The National Stock Exchange (NSE) will introduce 'client code modification' facility to rectify any genuine error in Securities Lending and Borrowing segment from tomorrow.
The facility has been provided to allow modifications of client code only to rectify a genuine error in entry of client code at the time of placing or modifying the related order.
"With effect from August 18, 2016, participants, who desire to correct the client codes and/or CP codes shall upload file as per procedure specified... The file shall be uploaded up to 4:00 pm on trade day or as per cut off time stipulated by the NSCCL from time to time," NSE said in a circular.
SLB mechanism allows short sellers to borrow securities for making delivery.
The modification would be done for each transaction at order level. However, the facility would not be applicable for modification of client codes of Repay, Recall, Rollover transactions. Further the facility cannot be used to modify any proprietary transactions.
NSE said its clearing corporation NSCCL (National Securities Clearing Corporation) may take disciplinary action for client code modification as may be decided from time to time.
It said that an exceptional charge would be levied on the use of client code modification facility. The charge would be levied on a monthly basis on all client code modifications of non-institutional trades.
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